Sometimes transactions go south—and that’s exactly why, if you’re a buyer, you’ll want to put in a backup offer if someone has already started to buy the house of your dreams. That’s true whether it’s a condo in Grand Junction, a beautiful home for sale in Redlands, or a great house on the market in Fruita.
So what makes a transaction fail?
What Causes Real Estate Deals to Fail?
There are plenty of reasons a real estate transaction could fall through, ranging from cold feet to a low appraisal.
Sometimes buyers just aren’t ready to buy, or they’re simply not sure they’ve made an offer on the right home. Some may regret it later, but others will go on in their current homes and be glad they let the opportunity pass.
When a home inspection turns up big issues a buyer doesn’t want to deal with, he or she can back out of the deal. Sometimes it’s something that would cost a significant amount of money to fix—and other times, it’s an issue that can’t reasonably be fixed. Examples include wet basements, roof problems, or bad HVAC systems.
When a buyer is taking out a mortgage, the lender will send an appraiser to make sure the house is really worth as much as the seller is asking. If the appraisal shows it’s not, buyers can either pay the difference in cash, ask for another appraiser (or ask the original appraiser to reevaluate), or ask the seller to reduce the price accordingly. In some cases, it’s just easier for the buyer to walk away from the deal.
Are You Buying a Home in Grand Junction?
Call us at 970-765-4135 or get in touch with us online to tell us what you want from your dream home. We’ll help you find it.
In the meantime, check out our:
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